Searches at the State Property Fund of Ukraine over Ocean Plaza: what is known about the case
This was announced by the Office of the Prosecutor General.
The Main Investigation Department of the National Police of Ukraine, under the procedural supervision of the Office of the Prosecutor General, is investigating criminal proceedings under the article on abuse of power or official position, resulting in serious consequences.
The case concerns possible violations during preparations for the sale of the Ocean Plaza shopping centre. This is an asset, a stake in which was previously forfeited to the state following a ruling by the High Anti-Corruption Court.
According to the investigation, certain officials of the State Property Fund may have acted in the interests of representatives of commercial entities. Law enforcement agencies are examining whether they may have created conditions for the sale of the asset to a specific business entity at an artificially inflated price.
What exactly is the investigation looking into?
As part of the proceedings, investigators are examining possible interference in the shopping centre’s valuation process, the setting of the starting price for the auction and the determination of the terms of sale.
The investigation is also examining whether the pool of potential buyers may have been restricted. If such circumstances are confirmed, this could have led to the sale of a state asset at a price that does not reflect its true market value, thereby causing losses to the state budget.
Where the searches took place
On 18 June 2026, law enforcement officers carried out authorised searches at the premises of certain officials of the State Property Fund of Ukraine.
During the investigative operations, documents that may be relevant to the investigation were seized. The pre-trial investigation is ongoing.
The Office of the Prosecutor General does not name the officials in its statement. No information has been provided regarding the service of formal charges either.
What is known about Ocean Plaza
Ocean Plaza is one of Kyiv’s largest shopping and entertainment centres. The complex is situated near the ‘Lybidska’ metro station.
In March 2023, the High Anti-Corruption Court ordered 66.65% of the corporate rights of ‘Investment Union Lybid’ LLC, which owns Ocean Plaza, to be forfeited to the state. This stake was linked to Russian businessmen Arkady and Igor Rotenberg.
Following this, the state’s stake was transferred to the management of the State Property Fund of Ukraine.
What is known about the sale of the asset
In April 2024, the State Property Fund announced preparations for the sale of the state’s stake in Ocean Plaza. At that time, the auction commission set the starting price for the asset at 1,651,633,236 hryvnias.
This involves the sale of a 66.65% stake in the authorised capital of ‘Investment Union “Lybid”’ LLC. The sale was planned to be conducted as a major privatisation project via an open auction.
In 2026, the State Property Fund also announced plans to put the state’s stake in Ocean Plaza up for sale in the third quarter.
Why this is important
Ocean Plaza is one of the most high-profile assets the state acquired following the imposition of sanctions on individuals linked to Russia.
Therefore, the terms of its sale are significant not only for the budget but also for confidence in large-scale privatisation. If the starting price or auction conditions were set in breach of the rules, the state could end up receiving less money from the sale of the asset.
At this stage, the investigation is simply verifying this version of events. The final conclusions are to be determined by law enforcement agencies and the court.
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